By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Lake Success, N.Y. - Canon said Monday that starting next month it will begin production of certain digital cameras in Brazil through the establishment of Canon IndÃºstria de Manaus, located in the state of Amazonas.
In a statement, the camera giant said that recently, "the digital camera market has displayed steady growth, led by emerging countries. Brazil, in particular, has a large market with demand expected to increase, which has created a pressing need for a strategic product supply."
The plant is being overseen by Masanobu Hishinuma, president, who will receive a 0.01 percent stake in the operation and is expected to lead a team of approximately 60 employees when fully staffed at the end of 2013.
The plant has 5,905 square feet and was constructed with a capital expenditure of approximately $2.64 million (210 million yen). The total investment in the plant is listed at $1.34 million (110 million yen).
The camera plant joins Canon's business machine and digital camera marketing company, Canon do Brasil IndÃºstria e ComÃ©rcio, which was first established in Brazil in November 1974.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.